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PULSE POINTS:
❓What Happened: President Donald J. Trump is considering backing primary challenges against the two Republican lawmakers who voted “no” on the House budget reconciliation bill, which advances several of his top priorities.
👥 Who’s Involved: President Donald J. Trump, Representatives Thomas Massie (R-KY) and Warren Davidson (R-OH).
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📍 Where & When: The reconciliation bill passed the House early Thursday morning on May 22, 2025.
💬 Key Quote: “I don’t think he likes to see grandstanders in Congress,” White House press secretary Karoline Leavitt said when asked whether Trump believes the Republicans who voted “no” should be primaried.
⚠️ Impact: Both Massie and Davidson could face competitive primaries with a number of strong candidates now considering bids for their Congressional seats.
IN FULL:
President Donald J. Trump is considering backing primary challenges against the two Republican members of the House of Representatives who voted against his budget plan, according to the White House. Representatives Thomas Massie (R-KY) and Warren Davidson (R-OH) both voted against the reconciliation bill, while Rep. Andy Harris (R-MD)—who chairs the House Freedom Caucus—abstained from the vote.
“I believe he does. I don’t think he likes to see grandstanders in Congress,” White House press secretary Karoline Leavitt said when asked whether Trump believes the Republicans who voted “no” should be primaried. Earlier this week, President Trump singled out Rep. Massie specifically, labelling the Kentucky Republican a “grandstander” and someone who doesn’t “understand government.”
Subsequently, Massie began fundraising off of Trump’s comments. “I need your help. For having the audacity to say this bill does NOT repeal the green new deal, but DOES increase the deficit and debt substantially, I was threatened by Trump today, “Massie wrote in a post on X (formerly Twitter), adding: “Can you contribute to my reelection at this link?” In just over 24 hours, Massie raised around $23,000 for his re-election campaign—a number he excitedly touted on social media.
“Hundreds of you responded almost instantly with financial support for my reelection,” Massie wrote on Wednesday, adding: “Speaking truth to power has gotten me in hot water here in the swamp” and again linking to his campaign fundraising page.
Others have pushed back against the Kentucky lawmaker, noting that he voted for the 2023 debt ceiling deal, which saw the cap on spending suspended entirely until January 2025. Despite its eventual passage, 71 Republicans voted against the 2023 measure. Its adoption eventually led to the ouster of former Rep. Kevin McCarthy (R-CA) as the Speaker of the House—another move that Massie has criticized.
Massie, who was an outspoken backer of Governor Ron DeSantis (R-FL) during the 2024 Republican presidential primary, also opposed a Rep. Anna Paulina Luna’s (R-FL) effort to censure then-Rep. Adam Schiff (D-CA) for peddling the Russiagate conspiracy against Trump and spending millions of taxpayer dollars investigating the false accusations. Rep. Davidson joined Massie in opposing the censure measure.
PULSE POINTS:
❓What Happened: Bitcoin surged past $110,000 for the first time, reaching a new all-time high.
👥 Who’s Involved: Traders, institutional investors like MicroStrategy, and market analysts such as Joshua Lim and Tony Sycamore.
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📍 Where & When: Early Asian trading on Thursday; Bitcoin is currently trading just under $111,000.
💬 Key Quote: Joshua Lim, global co-head of markets at FalconX Ltd., stated, “It has been a slow-motion grind into new all-time highs. There’s no shortage of demand for BTC from SPAC and PIPE deals…”
⚠️ Impact: The milestone reflects growing optimism in cryptocurrency markets, driven by regulatory developments, institutional demand, and bullish options activity.
IN FULL:
Bitcoin has reached a historic milestone, surpassing $110,000 per coin during early Asian trading on Thursday. The cryptocurrency, now trading just below $111,000, has gained 2.95 percent over the past 24 hours, fueled by growing optimism among traders and investors.
The surge comes amid increased anticipation for regulatory clarity in the cryptocurrency sector, spurred by progress on a stablecoin bill in the U.S. Senate. Market participants view the potential legislation as a step toward legitimizing and stabilizing the digital asset industry. However, some market analysis points to high levels of volatility in international bond markets as driving the flight of investors into Bitcoin.
Notably, a failed Japanese government bond auction earlier this week sent the country’s bond yields to near all-time highs. The ripple effect has dampened confidence in U.S. Treasury bonds as well, leading to a subpar 20-year auction on Wednesday, resulting in a sell-off and increasing yields. This has also made Bitcoin more attractive.
Bitcoin surged in December after President Donald J. Trump expressed an interest in creating a crypto reserve for the United States. This was later achieved in March when President Trump established a reserve of around 200,000 bitcoin, most of which had been seized by federal agencies in criminal proceedings.
Institutional demand has played a significant role in Bitcoin‘s latest rally. MicroStrategy, led by Michael Saylor, has amassed over $50 billion worth of Bitcoin, while other entities, including smaller companies and newly formed firms by crypto leaders, are financing acquisitions through methods such as convertible bonds and preferred stocks.
Joshua Lim, global co-head of markets at FalconX Ltd., highlighted the steady upward trend, commenting, “It has been a slow motion grind into new all-time highs. There’s no shortage of demand for BTC from SPAC and PIPE deals, which is manifesting in the premium on Coinbase spot prices.”
Options markets also reflect the bullish sentiment, with traders taking positions in Bitcoin calls expiring on June 27. Strike prices of $110,000, $120,000, and even $300,000 have seen significant open interest on the Deribit derivatives exchange.
Market analyst Tony Sycamore of IG noted that this new record high indicates Bitcoin’s earlier drop from January’s peak to below $75,000 in April was merely a correction within a broader bull market. “A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000,” Sycamore added.
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